Anonymous wrote:

Anonymous wrote:You want to be a slumlord?

I don't even want to be a landlord. Just curious about this because it's all over social media.

That's because they are in the "Pump" phase of the scheme.

Section 8 tenants would love to have an inexperienced landlord without resources. They'd never have to pay rent again

Anonymous wrote:You want to be a slumlord?

I don't even want to be a landlord. Just curious about this because it's all over social media.

You want to be a slumlord?

Anonymous wrote:All good until tenants get behind on rent, destroy the property, the government stops paying because of inspection fail and you get zero as the tenant squats for months or years.

this. real estate lawyer here.

It is not worth the hassle. There is a higher risk that your rental gets serious damage and you need to spend a significant amount to fix the rental. You can’t juice a stone in a lawsuit and section 8 tenants will have no assets that can cover damages they caused. They are effectively judgment proof due to no assets and good luck getting your money back for property damage.

Anonymous wrote:Do they pay more than others? Why would you get sections 8? They usually come with other problems that all complicate their life.
My friend rented a room from section 8 guy and the hid me in the bedroom. I've never met more messed up people in my life. Super good at tricking everyone though and acting like they are doing something day in and out.

It is illegal for a landlord with multiple units to charge higher rent to a Section 8 tenant than a market rate tent. The incentive is supposed to be the income-based portion that the tenant is able to pay and the government guaranteeing the rest, but there's still lots of risks as you said. One issue that often comes up is a kid turns 18 and starts working retail and the additional income raises the rent, but the kid won't give mom any money, mom can't pay the new rent share and falls way behind and it's on the landlord to collect/evict.

Do they pay more than others? Why would you get sections 8? They usually come with other problems that all complicate their life.
My friend rented a room from section 8 guy and the hid me in the bedroom. I've never met more messed up people in my life. Super good at tricking everyone though and acting like they are doing something day in and out.

Anonymous wrote:It is all over tiktok and instagram. Does anyone here do it? Listening to these "gurus" it's an incredibly easy way to make money. It seems too good to be true.

Not sure how easy it would be for an individual/small scale investor. Much like anything related to RE, it will need a lot of work. A lot of big corporations are into it. Jared Kushner, for example, owns thousands of these. His company picked them up during the last economic downturn. They use strong-arm tactics to evict and collect back-rent. Aggressively pursue legal remedies. For example, they go after Sec 8 tenants who were delinquent way before those companies bought a particular apartment complex and get the courts to garnish their wages years later. If you think you can actively manage these tenants and collect rent aggressively, go for it.

The gurus are trying to sell snake oil.

Anything promoted via social media shouldn't be taken seriously.

I had a section 8 tenant and I did a one year fellowship at legal services doing housing law. It is definitely not easy. Yes, you get the money but if the tenant has an issue and cannot pay their share they can lose their benefits and then you're stuck evicting them. There are other ways they can lose benefits like failing to recertify each year, failing to report income or having unauthorized people living in the house and some housing authorities monitor this stuff more aggressively than others.

its not easy + most of these 'gurus' make more money selling courses and consulting than they do investing. If anyone ever tells you about an 'easy trick' to make a bunch of money - don't believe them

All good until tenants get behind on rent, destroy the property, the government stops paying because of inspection fail and you get zero as the tenant squats for months or years.

It is all over tiktok and instagram. Does anyone here do it? Listening to these "gurus" it's an incredibly easy way to make money. It seems too good to be true.